1. Field of the Invention
The present invention is generally related to preventing fraudulent use of banking cards, and more specifically to verifying identities of persons using banking cards.
2. Description of the Related Art
In recent years, banking cards (or bank cards) such as credit cards, debit cards, ATM cards, and the like have almost eliminated the need for carrying cash on one's person. Most merchants today accept payments made by a banking card. Therefore, most consumers find it very convenient to carry a small plastic card in a wallet or a purse instead of large amounts of cash. Furthermore, unlike cash, if a banking card is lost or destroyed, the card can easily be replaced without any significant financial loss to the owner of the card.
However, the increasing popularity of banking cards has also lead to an increase in identity theft and banking card fraud. Identity thieves continue to use stolen banking cards and banking card account numbers to make unauthorized purchases which may result in great financial loss to true owners of the banking cards, to financial institutions offering the banking cards or to merchants that accept the banking card payments. The cost of credit card fraud alone in the United States in 2007 is expected to be over three billion dollars.